Solana revenue slumps 93% from January high after memecoin bubble bursts

Solana weekly revenue was down to just $4 million last week, after peaking at $55 million during the height of the memecoin frenzy in January.

Solana network revenue and total value locked onchain have collapsed in the past two months as interest in memecoins has continued to taper off. 

Weekly network revenue on the Solana blockchain hit a record high of $55.3 million in mid-January amid the height of the memecoin minting frenzy. 

However, revenue has since tanked 93% to around $4 million in the past week, back to levels not seen since September, according to DeFillama data. 

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